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Commodities

Indian Equity Market Plunges as Crude Oil Prices Soar

Guavy AI Editorial Team
Instruments
Oil
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The Indian equity market opened lower on Tuesday due to elevated crude oil prices and concerns over a possible US Federal Reserve rate hike this month.

Nifty 50 and Sensex fell by 0.15% and 0.21%, respectively, with Nifty IT and Nifty Auto being the top losers at around 1% in early trade.

The market is experiencing its fifth week of a slow downtrend due to various factors including crude prices, selling in IT stocks, Fed rate hike fears, and liquidity absorption by IPOs.

Market experts believe that despite improving fundamentals, largecap stocks are weak. They suggest shifting the portfolio weightage towards largecaps where the risk-reward is favorable.

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